Monday, August 5, 2019
Business Plan of an International Dance Academy
Business Plan of an International Dance Academy EXECUTIVE SUMMARY Our business idea is to set up an international dance academy called IDA (S.a;r.l) founded by Ms Ikrame Jabre. As it will be established on the 1st January2011, in Moulay Driss 1er with an area of 1000 meter squares, and it is considered as one of the best strategic locations in Casablanca, Morocco which has been one of the most politically stable countries in North Africa. This business will embody 28 rooms including both administration and dance rooms, 6 WCs and viewable garden for relaxation. Our academy will deliver dance courses (13hrs/week) in a period of three years starting from October to June for the academic dance classes, by teaching them 3 types of dances each semester. Apart from this, we will also offer leisure classes by working 11 months a year in (2hrs/week). IDA will target two types of customers based on its market research, who are: beginners and talented people for the academic classes as well as children and adults for the leisure classes. Our mission is to deliver a valuable dancing courses to our customers by providing inspirational quality of services in order to inspire, motivate and enrich everyone in the art of dance. Our prospective business idea is to set up an international dance academy called IDA in Morocco specifically in Casablanca in Mly Driss 1er with an area of 1000 meter square. As the founder of IDA (International dance academy) is Miss Ikrame Jabre who has a wide experience in different types of dances such as Rock in Roll, Cha-Cha, waltz, tango and so many others. Ikrame has a great passion for dancing since her childhood, She was keen on dancing, this is why she benefited from her traveling to different countries to discover the dancing cultures, For instance, when she went to Egypt she was fascinated by the belly dance whose popularity has spread globally. The idea of setting up IDA was inspired from her getting acquainted with different schools of dancing. But her bottleneck was how to finance the business as shes got only 51% of the capital and wants to be a chairman of IDA, for this reason she looked for partners that will support the business. So far, She has found four partners who are: Sophia Amzay with 29% of the capital as a manager of a financial department. Fatima Zahra souiri with 10% of the capital as a manager of the marketing department. Manal el koumani with 5% of the capital as a manager of an Human Resources department. Youssef El Mellouki with 5% of the capital as a silent partner. With respect of a total capital is : 43.025.400 DIRHAMS In this international dance academy we will give classes to both academic and leisure ones. So for the academic classes, we will target talented people and beginners either male or female, as we will deliver 3 different kinds of dances each semester, in a period of 2 years and for the 3rd year we will give the opportunity to our students to specialize in one kind of dance of their choices. These classes will be given in 13 hours per week by 15 professional teachers and coaches both local and foreigners that are successfully ready to give classes in French ; 12 of them for teaching dance classes because each type of dance needs its own teacher as they will also teach the dance culture; and one teacher for visual arts, physical attitude another coach for wellness, and the last one for teaching dramatic arts. In 2011 we will suffice only by hiring 6 dance teachers and 3 ones for the other subjects That Go With The dance classes, which are physical attitude, wellness, dramatic arts. Because we will set a Program of Teaching 6 dances in 2 semesters, so for the first term We Will give courses of Ballet , Chaabi, Salsa and in the second term We Will teach tap dance, belly dance and tango. But for the first term in 2012 we will deliver other types of dances which are: Latino, musical theatre and rock in roll, and for the following term , hip hop, waltz and Cha-cha; so in here we will add 6 other teachers. By 2013 we will classify teachers depending on the students numbers and their selection of the dance specialties. In the fourth year which is 2014 we will add 6 kinds of dances and 6 other professional teachers to give to our students a broad choice for planning the types of dances that will be given each semester and let them to plan in their own ways by keeping the same academic strategies and rules. Moreover, on the fifth year 2015 we will expand our business to other cities in morocco starting by Marrakech, and for the following years we will keep going locally and then we will start globally. Whereas for the leisure side we categorize it upon two kinds of customers: adults and children. Which concerns the adults, we will deliver to them 2 types of dances in their choices depending on the kind of dances that we will begin with, and that are the same as the academic ones excluding the other subjects which are wellness, visual arts and so on the classes will be given twice a week, one hour per session starting from 7 pm. And for children it remains the same, as it differs just in terms of time, because they will have 1 hour dance class On Wednesday afternoon and the other one hour on Saturday morning. In our international dance academy we will also organize competitions to our students internationally once a year starting by morocco in the first two years from 2011 to 2013 and for the coming years well do it abroad. In addition, IDA provides an international diploma that allows their students to have an easy access to work in all over the world. USP of IDA: you can learn a variety of dances academically, that makes you professional dancer internationally. IDAs Vision: IDA will provide a positive and educational dance experience for all community. IDAS MARKETS AND COMPETITORS Our ambition through this first step of setting up this project properly is to Define the situation of dance in the Moroccan market. Based on our research on the secondary data we didnt find any statistics or exact numbers that show the percentage of people who go for dance in the Moroccan market, but we went through our primary data which is a questionnaire that is as follow to find out information that may be helpful to our business. QUESTIONNAIRE: 1-In which sort of dance classes are you interested in? Academic  Leisure Both 2-   What level of dancer do you consider yourself? Beginner Intermediate High level 3. How often do you take classes or go for dancing?  1 2 a week    3 4 a week    Over 4 a week 4. Do you have a friend or family member who you would like to see participate  in the dance classes?   Yes      No 5. What are the kinds of dance classes would you like to take? cha3bi      cha cha     Latino     Oriental    Tap Dance     Classical dance   Modern jazz    Musical theatre    Cha Cha      Salsa     Samba     Rock in Roll  waltz    Street Dance    International Style     Tango      Bolero  Salsa Aerobics 6. What age group are you? -18- -24-  -36- -49- -60- -Above-  7. Would you recommend the Academy to others? Yes, definitely Probably Probably Not Definitely Not RESULTS OF THE QUESTIONNAIRE: 1) In which sort of dance classes are you interested in? Academic 54% Leisure 42% Both 61% According to the results, 61% of Academic and leisure are interesting in dance classes. 2-   What level of dancer do you consider yourself? beginner 57% intermediate 39% high level 28% The graph shows that 57% of beginner has highest level of practicing dance. 3. How often do you take classes a week for dancing? 12 47% 23 26% over 4 15% The majority of people prefer to attend dance classes from 1_2 weeks 4. Do you have a friend or family member who you would like to see participate  in the dance classes?  Yes 21% No 37% The result shows that 37% of people are motivated in dances. 5. What are the kinds of dance classes would you like to take? hip hop 10% valse 8% musical theatre 12% tap dance 14% cha3bi 56% belly dance 54% classical dance 31% salsa 61% latino 34% cha cha 37% Tango 26% rock in roll 41% Based on this result we found out that salsa has high demand than the other types of dances. 6. What age group are you? 18 34% 24 42% 36 22% 49 13% 60 9% The graph shows that the people who got 24 years old are more attracted than the other.  7. Would you recommend the Academy to others? probably 34% maybe 41% probably not 12% definitely not 8% We notice from this graph that 41% of people are interesting to recommend other about the academy. our purpose is to enable young dancers male and female to meet, share and present their talents to new market starting from Casablanca to affirm or confirm their talents, which will guarantee the future of dance in Morocco. Competitors: International dance academy is distinguished from its competitors. As it delivers both academic and leisure dance classes that the others dont. And also it provides different kinds of dances for different levels with a consistent quality of services in a purpose of satisfying the customers needs and encourage them to implement and show their talents. Most of our competitors are giving leisure sessions rather than the academic ones, for instance, Locations and training centers which are Municipal : In Casablanca: Conservatory of Dance, 21, street Najib Mahfouz avenue Gautier, Tel.: 27.59.52, fax: 29.76.86, Zinoun Lahcen, choreographer, ballet and modern In Meknes: Conservatory, 2 street Abou El Hassan, El Marini Apt 5, New Town, Tel.: (05) 52.39.44, Amal Kit, ballet Locations and training centers which are Private Schools Casablanca Dance Workshop Latifa, 1 street Theophile Gautier, Tel.: (02) 27.91.43, Latifa Hajjaj, choreographer, ballet and modern Private School Street Ibn Mounir Maà ¢rif No. 103, Tel.: (02) 25.12.21, Khalid Boulehia, modern dance, jazzÉcouterLire phonà ©tiquement In Rabat Russian Cultural Centre: Eugà ¨nie Nikita, ballet, Russian Cultural Centre, Tel.: 70.73.07 Private school at the top of Hyper market Agdal, Najia El Attaoui, ballet, Tel.: 77.33.14 Private School, 9 Tower Street El Alaouine Hasan Raselli Delcamby, ballet, choreographer, Tel.: 72.76.43 These schools consist only of teaching dances without having neither wellness nor visual art classes and other courses that go with each type of dance. And that leads to a lack of acquiring the real basis and cultures of dances to students. We can say that we are unique in the market, because we teach a variety of international dances academically that makes our students a professional dancers . in addition, we are characterized from others in terms of staff, because we bring professional teachers and coaches from different countries all over the world fitting the dances origins. So depending on the five competitive forces of porter: MARKETING AND SALES SWOT ANALYSIS OF IDA: Strenghts : Monopoly Offering an academic dance degree offering a scholarship offering a unique programs hiring professional coaches making professional dancers Opportunities : Dance schools (for leisure) Public relations Awareness about international dance among people Weaknesses : Not a weakness till now Infant company Threats : -emerging competition PESTEL ANALYSIS OF IDA: Political : stable political state. Social : people are always interested in dance academy, we are offering it for them. Moroccan are open minded and love entertainment. The famous dance in Morocco is Chaabi and we are teaching it in our school. Economical: capability to invest savings Cost of providing resources Teaching staff and support Shortages of materials international and national markets Legal: we took the authorization from the Moroccan ministry to give the Moroccan diploma also we are offering another diploma in collaboration with foreign schools. Environmental: We did a survey and we found out that Moroccan are very open and enthusiastic for this project. It will be located in Mly Driss 1er far from traffic. And its going to have a green space to help students relax Changes to standards/ equipment required. Technological: updating control systems. SALES AND PROMOTION: Strategies to attract new customers: In order to attract customers to our IDA international dance academy we are going to follow some strategies, such as: -Keeping our customers informed about our services that will be provided and published on the website as well as on the social network. -Making conventions with universities and schools to gain customers for leisure dance classes. -Making facilities of payment, for instance every person who brings hisher friend can have discount. -Fill out forms regarding to services and classes that enable as to know the customers wants and improve our services to satisfy them. Customers for academic dance classes: Year Number of customers % growth per Year Price/Year Total current sales in 10 months 2011 100 ____ 35,000Dhs 3,500,000Dhs 2012 150+ 100 150% 35,000Dhs 8,750,000Dhs 2013 215+100+150 86% 35,000Dhs 16,275,000Dhs 2014 270+215+150 36,55% 40,000Dhs 25,400,000Dhs 2015 300+150+215+270 32% 45,00Dhs 42,075,000Dhs 100 represents the first year customers for academic dance classes in 2011, but for 2012, there are two kinds of customers who are: 150 of new customers, 100 people of existing customers and for the following year 215 customers will be added by keeping the same existing ones because, IDA provides 3 years study of dance academic classes Numbers in black colour represents the new customers. Numbers in red colour represents the existing customers. Customers for leisure classes: Year Number of customers Price per month Total monthly sales 2011 25 350Dhs 8750Dhs 2012 42 350Dhs 14,700Dhs 2013 48 350Dhs 16,800Dhs 2014 62 400Dhs 24,800Dhs 2015 75 450Dhs 33,750Dhs Estimation of customers numbers for leisure dance classes: Months Number of customers September 13 October 13 November 16 December 20 January 20 February 25 March 25 May April 25 17 June 25 July 25 as we are new in the market, in the first two months we will begin by 13 customers in leisure classes, Afterward the number of customers will increase to 16 and then to 20 as it will be fixed in December and January after that, new 5 customers will come to register in February and march, whereas, in April and may the number of customers will decrease because of the exams period, and for the following two months that are in summer (June, July) the number of customers will become normal (25 customers in the first year). Offers and discounts: We will Give scholarship for talented people The students who get 98% in the exam will have a discount of 20% in the second year fees. The student who will win in the competitions that are going to be organized in yearly basis he/she z will travel to the original country of a such dance to explore the actual of that dance. Sales persons: We will hire experienced sales persons who take their passions for the challenges and mobility. And are ready to show clearly the charisma and enthusiasm to attract attention, create sympathy, inspire confidence and make memorable business relationships as well as that have a sense of curiosity and confidentiality. These people will work on presenting our services and offers, negotiate with customers and agencies that recruit professional dancers, and they will be involved in every sales activities in Casablanca and among other cities in Morocco as well as outside Morocco. year number of places salary per experiences salesperson person 2011 2 In different areas of 5000 DHS -should have 3 years experience Casablanca. 2012 3 In Casablanca and its 5500 DHS surroundings 2013 3 -In Casablanca and 5500 DHS must have a great ability Its surroundings to persuade 2014 4 -Different cities in 6000 DHS Morocco 2015 6 -In morocco and other From 7000 to 10 .000 DHS 7000 to 10.000 Dhs And some Foreign countries _In the first year 2011 we will have 2 sales persons: The first sales person will be responsible for the conventions with other agencies such as recruiting agencies. Second person: will bring customers from schools and different clubs. _In the Second year 2012we will increase the number of sales persons from 2 to 3 people: 2 people will be a responsible for making conventions with other agencies and the third one bring customers from different areas in Casablanca. _Third year 2013 we will keep the same number of sales people doing the same activities. _ For the Fourth year 2014 we will need four people because of upcoming new dances to our academy as we will need customers from different cities in Morocco. _In the Fifth year 2015, we will hire six sales people as a total, 4 of them are for the local market and 2 others for outside morocco, because we will look for a foreigner customers after setting up franchise in Marrakech. . MARKET STRATEGIES Strategies of promotion and sale services: One of strategies that (IDA) uses is advertisement which is designed to give introduction to people about the different classes and dances that the academy offer by using 4 types of advertising: InternetÆ’Â advertising through the internet such as: website of IDA, and on the social network websites. MagazineÆ’Â will be provided by supplement that contains the description of the academy with bright colors and pictures of the academy. NewspapersÆ’Â the academy will be advertised on the newspapers in a sort of ads. RadioÆ’Â we go through different radio stations: hit radio, Chada Fm, Radio Sawa and Casa Fm. Marketing mix of (IDA): product: our product is a service, we deliver both leisure and academic dance classes in a period of 3 years. (IDA) is the only academy in Moroccan market that will offer different dance classes academically of different types of dances with diplomas . price: (IDA) charge a reasonable prices, for the customers who want to dance for leisure they will pay 350 Dirhams per month, and for the students who will take the academic classes will pay in a yearly basis with an amount of 35,000 Dirhams as we will afford a payment facilities and give scholarship to talented people. Moreover, we ensure the stability of prices for the first three years then we will work on increasing the price because of upcoming new dances and the diversity of the schools among different cities and countries. PLACE: From 2011 to 2014 the service will be provided in Casablanca after that, we will expand our business in 2015 in Marrakech , and for the following years we ll keep going local and well start going global by opening branches in other countries starting by Tunisia and others . PROMOTION: The main ways of Promotion for (IDA) are internet(social network), media, magazinesà ¢Ã¢â€š ¬Ã‚ ¦ Advertising cost: The cost of advertising for (IDA) is: 2.029.500 dhs: 60% of the advertising costs is for TV and bill boards : 1,217,700 Dhs  20% For newspapers and magazines: 40,590,000 Dhs 20% For radio stations: 40,590;000 Dhs. A Comparison between (IDA) and its competitor casa dance that spent 3.313,200 dhs for advertising: advertising types of (IDA) advertising type of casa dance -media TV internet -bill boards posters -magazine Newspapers magazines Improvement of sales and profit margin for IDAs services: An efficient management skills toward salespeople will participate in the improvement of sales, so in order to make our salespeople having a valuable contribution in our dance academy we will work on providing incentives to them such as, cash bonuses, travel experiences or merchandise rewards. so as to attract a large number of customers and maintaining the existing ones. More than that, we will provide them with the right tools such as cell phones, cars, to ensure a proper work. OUR TEAM SKILLS IN IDA CHAIRMAN Ikrame Jabre is the chairman of IDA; she is a student at university of Sunderland in morocco, majoring in business management as she had dance experience, she wants to combine her studies which concerns management skills with her passion, dancing. MARKETING MANAGER Souiri Fatima Zahra as an associate in IDA Company; she is a student at university of Sunderland in business management branch as she has marketing skills such as communication skills and working in enthusiastic atmosphere to get more relationship in courteous and friendly manner. SILENT PARTNER Youssef Mellouki as a silent partner in IDA company, he is a student at Sunderland university in business management branch. HUMAN RESOURCES MANAGER Manal khoumani is a bedfellow in IDA, she is a student at university of Sunderland in business management branch as he has human resources skills such as dealing and negotiating with people in order to get more information. FINANCE MANAGER Sophia Amzay is one of the IDA partners, she is a student at university of Sunderland majoring in business management branch as he has financing and accounting skills, she likes dealing with number since she was child. HUMAN RESOURCES ASSISTANT MANAGER: supports the responsibilities in some areas such as recruitment and employment, training and development, and so on. FINANCE ASSISTANT: is dependable on collecting information through overseeing financial regulation and legislation and manages also on supervising income statement, profit and loss, cash flow coming in and coming out of organization of IDA. Dance teachers: highly qualified with a good performances and capabilities to deliver dance lessons in the appropriate manner in order to have good strategies. Maids : 2 women, working for the cleanliness of IDA. Security : strong and energetic man that has experiences in this domain. Sales people: we start up only by 2 people on the first year, that have the ability of communication and marketing skills in order to attract customers for the dance . IDAs OPERATIONS FINANCIAL FORECASTS Numbers Staffs Employees Salaries per person in Dirhams 1 HR manager 10.000 1 HR assisstant manager 3.000 1 Marketing manager 10.000 1 Marketing assisstant manager 3.000 1 Finance manager 10.000 1 Finance Assisstant 3.000 2 Salespeople 5.000 9 Teachers 10.000 2 Maids 2.000 1 Doorkeeper 2.000 1 Secretary 3.000 TOTAL : 21 148000 Names of partners Partnership in (%) Total per DHS Ikrame jabre 51% 21942954 Sophia amzay 29% 12477366 Fatimazahra souiri 10% 4302540 Manal el koumani 5% 2151270 Youssef el mellouki 5% 2151270 Explanation of the personal funding for all partners: Names of partners Internal funding% I.F in DHS Total / person in DHS CAPITAL Ikrame jabre 30% 6582886,2 21942954 43025400 Sophia amzay 30% 3743209,8 12477366 43025400 Fatimazahra souiri 30% 1290762 4302540 43025400 Manal el koumani 30% 645381 2151270 43025400 Youssef el mellouki 30% 645381 2151270 43025400 Names of partners External fund(from bank)% E.F/ person in DHS Total in DHS CAPITAL Ikrame jabre 70% 15360067,8 21942954 43025400 Sophia amzay 70% 8734156,2 12477366 43025400 Fatimazahra souiri 70% 3011778 4302540 43025400 Manal el koumani 70% 1505889 2151270 43025400 Youssef el mellouki 70% 1505889 2151270 43025400 Names of partners Amount in DHS Fixed Interest rate(%) years number of months Monthly payment(DHS) Ikrame jabre 15360067,8 6% 10 120 7680,0339 Sophia amzay 8734156,2 6% 7 84 6238,683 Fatimazahra souiri 3011778 6% 5 60 3011,778 Manal el koumani 1505889 6% 3 36 2509,815 Youssef el mellouki 1505889 6% 4 48 1882,36125 The loans will be paid by the proper money of the partners depending on their funding amounts, IDA doesnt have any relationship to the borrowed money. Ikrame jabre needs 10 Years to pay her loan to the bank because its a huge amount of money borrowed, as she is a chairman, she gets a higher salary than others which is 20.000 DHS per month and can pay her loan comfortably with an amount of 7680,0339 DHS /month. Sophia amzay needs to spend 4087,413 DHS / month out of 10.000 Dhs of her salary for the external funding interests in a period of 7 years. Fatimazahra souiri needs 5 years to pay her loan, with a monthly payment of 3011,778 DHS For Manal el koumani will pay her loan in a period of 3 years. Youssef el mellouki is a silent partner, so he will take only dividends thats why he needs 4 years to pay his loan, even there is an equal percentage of partnership between him and Manal el koumani. INTERNATIONAL DANCE ACADEMY CASH FLOW PROJECTIONS FOR THE FIRST YEAR 2011 IN (DHS): We will take 80% from the profit as dividends and for the rest which is 20% of the profit we keep it as retained earnings. M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 Cash received: 3.504.450 4450 5600 7000 7000 8750 8750 8750 5950 8750 8750 Cash sales: 3.504.450 4450 5600 7000 7000 8750 8750 8750 5950 8750 8750 Additional cash: 0 0 0 0 0 0 0 0 0 0 0 Tax, VTA received: ________________________________________________________________ NC borrowing: : 0 0 0 0 0 0 0 0 0 0 0 New other abilities: 0 0 0 0 0 0 0 0 0 0 0 Other current asset: 0 0 0 0 0 0 0 0 0 0 0 New investment: 0 0 0 0 0 0 0 0 0 0 0 Subtotal cash Received: 3.504.450 4450 5600 7000 7000 8750 8750 8750 5950 8750 8750 Expenditure M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 Expenditure from Operations: Cash spending: 195.080 175.080 175080 175080 175080 175080 175080 175080 175080 175080 175080 Additional cash Spent: 0 0 0 0 0
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